Benefits of Accounts Payable Solutions

Top Reasons to Automate Accounts Payable

Even though modern technology has made Accounts Payable payment automation indispensable for a number of businesses, 60 percent of companies in the United States are not aware of the many advantages to A/P automation. Leveraging software to utilize the process in manner that is seamless and trouble-free, the following are our main 5 reasons why you should automate.

Cash Optimization
Accounts Payable automation enables A/P to accurately project its outstanding cash requirements, consequently getting rid of uncertainty. With increased transparency from A/P automation, visibility into the system allows your A/P department to concentrate on tasks and priorities that can impact your department with value added activities.

Reinforce internal controls
A manual A/P method is subject to fraudulent activity. You multiply the risks of human oversight, late payments, missing invoices, along with the dreaded rush invoices. An automated A/P process embeds controls that reduce and discourage fraud.

Optimize Awareness
The obsolete manual process is affected with here insufficient visibility, through which can result in failing to identify a part of liabilities. This could understate operating expenses and therefore overstate earnings, that may lead to accounting and reporting malfunctions and ultimately fraudulent activity. A/P automation delivers a total audit trail of each part of the method, and enables management to swiftly correct potential difficulties.

Please Clients
Your vendors would like a more efficient payment method. More efficient payments result in special offers and cost savings for you. When you pay your customers by means of virtual card, which is a single issued card for a one-time use, you generate monthly cash rebates. It’s equally good for Accounts Payable and Accounts Receivable. Your clients experience more efficient, seamless payments and your A/P Department pivots to a profit generator.

Enhance Quality
Prevent error, delay, and pointless costs with an automated A/P process. A/P problems are costly and take many resources to manually solve. With payment automation, you can see where, when and why mistakes occurred. Unlike the manual procedure, with automation you’ll be able to methodically address and get rid of problems to enhance quality.
A/P payment automation can help you save cash, earn you extra revenue, reduce the risks of fraudulent activity, get your operations increased transparency, meet the customers’ demands, and enrich the overall quality of your A/P processes.

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